Then there is city approval and whether they want a 2 to be a 4 (seems like the nearby properties might support it).

Certain areas of the city have outlawed airbnb but others allow it.

Up near the Quad Cities in Mercer County.

One land speculation I bought 4 acres in sonoma County CA ( wine country) in 96 for 27k it was unbuildable at the time ( could not get a septic system on it) Well city grew to us The Graton Casino comes in right across the street and we sold a few years ago for over 2 mil to a land assemblage investment company.

What they do not know is the city, state, and your locations that you want to target.

I spoke to a Loan Office with AgSouth and he told me a minimum of 25% down would be needed, but it has to be in what they consider a rural area which is not in the "City of Atlanta". 

Are there any city or lender required repairs that will require an immediate injection of capital?

If you want a city, Philly can be done if you know where the blocks break.

Lead water lines have been a big topic here and I imagine in every older city in the midwest and east coast.

I have had some good luck with NBKC (Kansas City bank).